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0 <br />-2- <br />H.R.A. RESOLUTION 1985-004 <br />A RESOLUTION APPROVING THE CONSENT AGREEMENT RELATING <br />TO AGREEMENTS BETWEEN ARKAND AND META PARTNERSHIP <br />Motion carried unanimously. <br />The loan commitment, promissory note, mortgage, security agreement and guaranty <br />were summarized as follows: <br />1. Loan Commitment - makes Arkand the borrower of $8,300,000, Meta Partnership <br />the guarantors, and Home Savings Association of Kansas City the lender. <br />2. Promissory Note - by Arkand Partnership to Home Savings Association of Kansas <br />City for a $8,300,000 construction loan. <br />3. Mortgage - relating to Phase I of Kenzington Project from Arkand Partnership <br />to Home Savings Association of Kansas City securing the indebtedness under the <br />note. <br />4. Security Agreement - from Arkand Partnership to Home Savings Association of <br />Kansas City securing the note and covering personal property and fixtures in <br />Phase I. <br />5. Guaranty - by META Partnership individual partners and spouses of the loan to <br />Arkand Partnership. <br />• Motion by Commissioner Ranallo and seconded by Secretary/Treasurer Marks to approve <br />H.R.A. Resolution 1985-005. <br />H.R.A. RESOLUTION 1985-005 <br />A RESOLUTION APPROVING THE LOAN COMMITMENT, PROMISSORY NOTE, <br />MORTGAGE, SECURITY AGREEMENT, AND GUARANTY BETWEEN ARKAND <br />PARTNERSHIP, META PARTNERSHIP AND HOME SAVINGS ASSOCIATION OF <br />KANSAS CITY RELATING TbTHE KENZIE TERRACE REDEVELOPMENT PROJECT <br />Motion carried unanimously. <br />The Agreement and Consent between the H.R.A. and Home Savings Association of <br />Kansas City and Arkand contains the following provisions: <br />1. Approves the Home Savings Association of Kansas City note and mortgage as required <br />under the Redevelopment Contract. <br />2. Agreement by the H.R.A. not to take any action against Home Savings Association <br />of Kansas City or the project in the event of a default under the contract <br />until Home Savings Association of Kansas City or another redeveloper takes title <br />and commences construction on the project, and also, the H.R.A. agrees that it <br />cannot delay a foreclosure by Home Savings Association of Kansas City. <br />3. The Agency's reversionary rights to recover Phase I are subordinate to mortgage <br />as presently provided in the redevelopment contract. <br />• 4. If Home Savings of Kansas City acquires possession or title to Phase I, the <br />H.R.A. will have no right of reverter, but if Home Savings Association of <br />